PAN-Aadhaar Link Last Date Extension: As the last date for linking Permanent Account Number (PAN) with Aadhaar is near, there has been some demand to extend the due date again.
PAN-Aadhaar Link Last Date Extension: As the last date for linking Permanent Account Number (PAN) with Aadhaar is near, there has been some demand to extend the due date again. However, the extension of the last date for PAN-Aadhaar linking is not expected this year.
The Central Board of Direct Taxes (CBDT) has already extended the PAN-Aadhaar linking last date several times in past. Users, who have failed to link both numbers till now, can still do so before March 31, failing which their PAN will become inoperative from April 1, 2023.
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As PAN is a very important document for tax and various banking-related tasks, all users much complete the linking process before the end of the last date to avoid any troubles in future.
The Financial Express had earlier reported a senior official as saying that there was no plan to extend the PAN-Aadhaar linking deadline. However, the official didn’t rule out the possibility of any last-minute change.
Why PAN-Aadhaar Link is important
PAN-Aadhaar linking is also a part of the Know Your Customer (KYC) requirements for various financial services and investments.
The PAN-Aadhaar linking exercise is aimed at stopping the de-duplication of PANs. It will also help in identifying bogus PANs as several instances of allotment of multiple PANs to single individuals have been noticed in the past.
If the PAN of an individual becomes inoperative then s/he will not be able to file Income Tax Returns. Also, pending ITRs and Income Tax Refunds will not be processed. Moreover, individuals filing ITRs without PAN are required to pay taxes at a higher rate.
Even in securities markets, having a valid PAN is mandatory for all participants, according to SEBI regulations.
Who is not required to link PAN-Aadhaar?
Individuals living in Assam, Jammu and Kashmir and Meghalaya are exempted from PAN-Aadhaar linking. Non-residents as well as individuals aged 80 years or above are also exempted.
